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AI Business is the only global media, events, research and training organisation specialising in Artificial Intelligence for the business world. With exclusive independent and expert content across both digital and live platforms, it enables its community to better implement, deliver and develop artificial intelligence strategies for their organisations.

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Founded in 2014, AI Business is the world’s first and foremost content portal for artificial intelligence and its real-world applications in enterprise and the business world. We have grown to become the most visited news portal in this space, with an audience of over 40k monthly readers, as well as maintaining the market-leading AI for Business LinkedIn and Facebook groups with a cherry-picked membership list of global business leaders.

No longer is artificial intelligence the domain of futurists and technologists—it is a reality that every business must face up to today. As AI reaches unprecedented levels of adoption across industries, the conversation around this nascent technology is moving fast.

With our exclusive access to the global C-Suite and the leading lights of the technology world, it is our aim to bring our readers up-to-the-minute insights into how AI is transforming the economy—and our societies—today. From breaking news to in-depth interviews and features, our content is designed to break down the implications of AI in all of its forms.

Like the conversation around AI itself, AI Business has come on in leaps and bounds in the last year. Following our full-scale overhaul in the winter of 2018, we have developed entirely new content formats and premium offerings in order to deliver market-leading insights into the future economy. Our YouTube channel, AIB TV, aims to bring our followers exclusive content from across The AI Space, while the new infographics, webinars, and research papers we are developing in tandem with Tractica gives business leaders the knowledge and resources they need to become true market leaders in the AI space.

Should We Be Concerned About AI Affecting Wages?

News from the conference in Davos, Switzerland are continuously coming in, and it seems like the hottest topic of the debates are concentrated around the concern of AI’s impact on jobs – but this time it’s the middle-income jobs that are on the line.

The annual World Economic Forum’s debate, where executives from companies implementing AI, such as IBM, Microsoft, Facebook, and Goole parent Alphabet, gathers with political and economical leaders, has brought lots of discussion around the economic effect of automating jobs, the Wall Street Journal reports.

Those in favour of implementing AI argues that the development of machines able to learn and act independently, will create more new jobs, rather than displacing them, as well as raise overall prosperity.

However, concerns were raised about “the spoils of the next revolution could be inequitably shared—and that the transition to new models of work could be brutal for many workers”, WSJ writes.

“I don’t think you’ve even really seen the beginning of the disruption,” said Marc Benioff, chief executive of Salesforce.com Inc. “The wave of technology will create a big increase in productivity. But we also risk getting a lot more inequality.”

The rise in automation combined with increasing global competition has been a contributing factor for a rather pale growth in jobs, and stagnating wages in many Western countries, according to economists.

“A study commissioned by the organizers of the World Economic Forum published this week concluded that annual median incomes in 26 advanced economies fell 2.6% in the period between 2008 and 2013”, WSJ reports.

On the other side of the argument, prominent tech leaders believe that the technological disruption will be implemented gradually enough to allow the workforce to adopt to the new jobs and the challenges that follows, learning to work along with the intelligent automated systems.

“It’s not man or machine,” IBM Chief Executive Ginni Rometty said Tuesday. “It’s a symbiotic relationship. Our purpose is to augment and be in service of what humans do.”

However, there are some areas of concern, according to Oxford University Economist, Carl Benedikt Frey. He explained how, with the industrial revolution, increased productivity did not initially herald increase in wages. Wage increases became relevant some 80 years later, after a new generation of workers had developed new skills.

According to David Autor, Massachusetts Institute of Technology-economist, many routine jobs in areas such as manufacturing have been lost to automation, “while growth has come in lower skilled manual jobs, as well as high-end work that also requires more adaptable human intelligence—polarising the American workforce”, WSJ writes.

So what areas should we be concerned about? According to a new study from consulting firm McKinsey, the equivalent of more than 1.1 billion full-time jobs, including more than 100 million in the U.S. and Europe, are associated with automatable activities.

“The challenge is those mid-skill jobs,” Microsoft CEO Satya Nadella said during the conference Wednesday, emphasising that he does believe businesses should be looking at new social models to avoid social unrest or troublesome regulation.

“We’ve got to get somehow to this new formula where both the return on capital and the return on labor come together,” Mr. Nadella said. “If we don’t get it right we are going to have a vicious cycle.”

This article was first published at: http://www.wsj.com/articles/mulling-the-economic-effect-of-artificial-intelligence-1484766372

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